indicate which ledger account would be debited and which would be credited
POSTING CREDIT TRANSACTIONS
During its first month of trading a business has the following transactions:
(a) Receipt of cash from the owner into a business bank account of $7,300
(b) Purchases on credit of $460
(c) Purchases for cash of $120
(d) Payment of rent in advance of $240
(e) Sales on credit of $330
(f) Sales for cash of $220
(g) Payment of wages of $90
(h) Receipt of a loan from a friend of the owners of $2,000
(i) Purchase on credit of furniture (a long term asset) for $560
(j) Receipts from accounts receivables of $330
(k) Payments to accounts payables of $570
Required:
For each of these transactions indicate which ledger account would be debited and which would be credited in the table given below, then prepare the
Transactions Account to be debited Account to be credited Amount
(a)
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